And just like that, SPX is unchanged for the week. Yesterday it was sitting comfortably higher for the week, by about 100 points, and today it took all of it back. In fact, SPX had briefly turned negative for the week around the lows of the day.

SPX did bounce about 26 points into the close, so it did not close at the low of the day. The other significant takeaway is that the low from last Friday was not broken despite a retest today. For now, that level remains a critical level to the downside.

The daily chart whipsaw continues and proves nothing has really changed. A few candles up, a few candles down and SPX ending up no where is how things seem to be going. The bounces earlier this week were nothing more than a flash in the pan, and now we are back to unchanged on the week with just 1 day to go, and roughly a 165 point expected move that’s looking like it was a fakeout.

I posed a question yesterday asking whether or not we could expect follow through on the up move from earlier this week. Lately, the theme of the market has been faking out traders on both sides.

Last week we closed towards the lows of the week, outside of the expected move, while sentiment was falling part. The new week came and all of those fears seemingly went away and SPX looked like it was about to start breaking out to the upside.

And now here we are today, right back to where we were last Friday.

The range from last Friday’s candle is marked once again on the chart below. The upside breach yesterday was fake and SPX was unable to sustain price action outside of it. Today, we missed the lower end of the range by just 6 points.

Will this level hold just like its counterpart or will SPX finally break free and break down?

If you look closely, 7616 is also just below, which is the lows for the month of October. If 7631 breaks, then 7616 will be the level to watch. If both break then things could get ugly.

Every break out has been a fake out. Does that continue tomorrow?

Good luck!